ATC Coin Ltd Crypto Scam Arrest Stalls a Year Later, Investors Won’t Come Forward

A Year After a Goregaon, India Resident was Arrested for Duping Investors, The Case Has Hit a Dead End

The case facing a Goregaon, India resident who was booked by the Economic Office Wing (EOW) of the Mumbai Police appears to have hit a dead end after the agency failed to find any investor who had put their money into the scheme known as ‘ATC Coin Ltd.’.

According to police reports, the accused, Subhashchand Jewria, allegedly lured people to invest into his scheme by advertising his ‘virtual currency.’ He promised them that once the lock-in period of 18 months was complete, the users could then proceed to make online purchases using the digital currency.

Absence of Investors

The EOW agency did come across a number of investors during its investigations, but when it approached them to gather details to support its case; none of them was willing to come forward. Speaking about the matter, an officer explained that:

“Since the case deals with cryptocurrency and in the absence on proper law and regulation, investors are scared that if they come forward, they might face a lot of scrutiny. While we managed to trace a few of investors, they did not lodge any complaint. The case has been stuck since then….Also, with the case registered under MPID, while the assets of the accused have been frozen, the same cannot be disbursed among investors since none of them has come forward.”

The ATC Coin Ltd Scheme

In March 2017, Subhashchand Jewria allegedly incorporated ATC Coin Ltd in the UK. He invited people to invest into his scheme through three floated websites, convincing them to pay from Rs 5,000 to Rs 20,000.

According to the investigating agency, the accused raised Rs 84 crore, diverting all of it into his personal account. An officer shed more light into this, stating that:

“We received information on cryptocurrency ATC Coin floated by Jewria. Subsequently, a reference from the RBI forwarding an anonymous complaint with the same allegation was also received. Accordingly, a Preliminary Enquiry (PE) was constituted and after scrutinizing the statement of accounts, we found that it was a bogus scheme floated by Jewria in the garb of a cryptocurrency.”

Jewria was booked alongside his brother, Chirag, for duping investors, criminal conspiracy, and criminal breach of trust Under the Indian Penal Code and sections of the MPID act.

EOW also went ahead to freeze 28 accounts, conducting further searches at the residential and business addresses of both the accused persons. An official concluded that:

“It a classic case of fraud committed by floating a multi-level marketing scheme and luring investors with high returns and enviable rewards like sponsoring a foreign vacation or gifting high-end cars and also the claim that after completion of a lock-in period of 18 months, the cryptocurrency could be used for online shopping.”

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